盘面做多热情仍在 纸浆期货高位震荡

News Summary Core Viewpoint - The pulp market in China is experiencing a mixed scenario with increasing inventory levels and fluctuating prices, indicating cautious short-term outlooks due to weak demand and high stock levels [1][2][3]. Group 1: Inventory and Production Data - As of November 13, 2025, the inventory of pulp at major Chinese ports reached 2.11 million tons, an increase of 102,000 tons from the previous period, representing a 5.1% month-on-month rise and a 21.3% year-on-year increase [1]. - The production of corrugated paper was reported at 499,200 tons, a decrease of 9,000 tons, reflecting a decline of 1.77% compared to the previous period, with a capacity utilization rate of 66.7%, down by 1.2 percentage points [1]. Group 2: Market Analysis and Price Trends - According to Galaxy Futures, the pulp futures market is experiencing high volatility, with slight price adjustments in softwood pulp and an increase in hardwood pulp prices. The import pulp market remains moderately active, but the increase in port inventory and weak demand are limiting upward price movements, leading to a cautious short-term valuation outlook [2]. - Guotou Anxin Futures notes that the current valuation of pulp remains low, with medium to long-term improvement expectations. There is strong market interest in pushing prices up, although the recent price increases have brought futures contracts close to spot prices, potentially limiting short-term gains. However, there are rumors of a tight supply of warehouse receipts for the new year, indicating some risk of short squeezes [3].